Discounted Cash Flow (DCF) Analysis Unlevered

Myers Industries, Inc. (MYE)

$16.47

-0.29 (-1.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.90 | 16.47 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 547.04566.73515.70510.37199.58165.98138.04114.8095.4879.41
Revenue (%)
EBITDA 32.4731.9761.7774.2931.6417.9114.9012.3910.308.57
EBITDA (%)
EBIT 3.635.8538.1953.3610.758.286.895.734.763.96
EBIT (%)
Depreciation 28.8426.1223.5820.9320.899.638.016.665.544.61
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2.5258.8975.5328.3017.6513.2411.019.167.626.33
Total Cash (%)
Account Receivables 89.6077.8362.4284.75100.6936.2830.1725.0920.8717.35
Account Receivables (%)
Inventories 47.0243.6044.2665.9293.5528.1023.3719.4416.1713.45
Inventories (%)
Accounts Payable 63.5860.8546.8761.1581.692823.2919.3716.1113.40
Accounts Payable (%)
Capital Expenditure -5.81-5.12-10.29-13.42-17.87-5.16-4.29-3.57-2.97-2.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.47
Beta 1.400
Diluted Shares Outstanding 35.92
Cost of Debt
Tax Rate 24.36
After-tax Cost of Debt 0.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.410
Total Debt 130.04
Total Equity 591.55
Total Capital 721.58
Debt Weighting 18.02
Equity Weighting 81.98
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 547.04566.73515.70510.37199.58165.98138.04114.8095.4879.41
EBITDA 32.4731.9761.7774.2931.6417.9114.9012.3910.308.57
EBIT 3.635.8538.1953.3610.758.286.895.734.763.96
Tax Rate 162.96%341.11%26.67%24.75%24.36%115.97%115.97%115.97%115.97%115.97%
EBIAT -2.28-14.1028.0140.158.13-1.32-1.10-0.91-0.76-0.63
Depreciation 28.8426.1223.5820.9320.899.638.016.665.544.61
Accounts Receivable -11.7715.41-22.33-15.9464.426.115.084.223.51
Inventories -3.43-0.66-21.66-27.6365.454.733.933.272.72
Accounts Payable --2.73-13.9814.2820.54-53.69-4.71-3.92-3.26-2.71
Capital Expenditure -5.81-5.12-10.29-13.42-17.87-5.16-4.29-3.57-2.97-2.47
UFCF 20.7419.3742.0617.96-11.8879.338.747.276.055.03
WACC
PV UFCF 73.017.415.674.343.32
SUM PV UFCF 93.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.66
Free cash flow (t + 1) 5.13
Terminal Value 77.03
Present Value of Terminal Value 50.85

Intrinsic Value

Enterprise Value 144.59
Net Debt 112.38
Equity Value 32.21
Shares Outstanding 35.92
Equity Value Per Share 0.90